Lavanya vs Kerala State Co-Operative Bank ...
2021 Latest Caselaw 10796 Ker

                IN THE HIGH COURT OF KERALA AT ERNAKULAM

                                PRESENT

                  THE HONOURABLE MR. JUSTICE A.M.BADAR

     TUESDAY, THE 30TH DAY OF MARCH 2021 / 9TH CHAITHRA, 1943

                        WP(C).No.6850 OF 2021(E)


PETITIONER/S:

                LAVANYA, AGED 36 YEARS
                W/O. ANEESH, MARAN HOUSE, ERAVU P.O,
                ERAVU VILLAGE,THRISSUR TALUK,
                THRISSUR DISTRICT, PIN-680 620

                BY ADV. SRI.N.L.BITTO

RESPONDENT/S:

      1         KERALA STATE CO-OPERATIVE BANK LTD.,
                ARIMPOOR BRANCH, ARIPOOR P.O, THRISSUR DISTRICT
                REP. BY ITS MANAGER,
                (DISTRICT CO-OPERATIVE BANK ARIMPOOR BRANCH) 680 012.

      2         KERALA STATE CO-OPERATIVE BANK LTD.
                REP. BY AUTHORISED OFFICER, SHAKARANA SATHABDHI
                MANDIRAM, TUDA ROAD, KOVILAKATHUMPADAM,
                THIRUVAMBADI P.O, THRISSUR DISTRICT-680 022

                R1-2 BY SRI.P.C.SASIDHARAN, SC, THRISSUR DISTRICT
                CO.OPERATIVE BANK LTD.

     THIS WRIT PETITION (CIVIL) HAVING COME UP FOR ADMISSION ON
30.03.2021, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:
 WP(C).No.6850 OF 2021                  2



                             JUDGMENT

Dated this the 30th day of March 2021

Heard both sides.

2. Petitioner had availed a loan of Rs.9,00,000/- (Rupees

nine lakhs only) in the year 2016 and the term of the loan is upto

2028. That loan has turned into Non Performing Asset and the

respondents have resorted to the proceedings under the SARFAESI

Act and accordingly notice under Section 13(2) of the SARFAESI

Act was issued on 18.01.2020. Notice under Section 13(4) of the

SARFAESI Act was issued on 05.02.2021 and it was published on

11.02.2021. The recalled amount is more than Rs.9.61 lakhs

whereas the overdue amount is about Rs.2,45,623/- (Rupees two

lakhs forty five thousand six hundred and twenty three only).

Learned counsel appearing for the petitioner further submits that

because of financial stringency, the petitioner could not repay the

loan in time and she wants to pay the same by ten instalments.

3. Learned standing Counsel appearing for the respondent

bank submits that the petitioner should deposit an amount of

Rs.25,000/- (Rupees twenty five thousand only) in this month and

balance overdue amount can be paid in eight equated monthly

instalments.

4. Having considered the facts and circumstances of the

instant case and keeping in mind the willingness on the part of the

respondents to grant facility of instalments to the petitioner for

repayment of the overdue amount, the writ petition is disposed of

with the following directions:-

The petitioner is directed to deposit an amount of Rs.25,000/-

(Rupees twenty five thousand only) towards the overdue amount

on or before 31.03.2021 and she should repay the entire overdue

amount with interest and incidental charges in ten equated

successive monthly instalments commencing from 26.04.2021. In

addition, the petitioner should also pay the EMIs regularly. If the

petitioner complies with these directions, respondents shall keep

the coercive action, initiated against the petitioner under the

SARFAESI Act, in abeyance. In case of a single default, the

respondents are at liberty to continue the action under the

SARFAESI Act initiated against the petitioner. No further extension

of time for compliance of this direction shall be granted to the

petitioner.

Sd/-

                                                A.M.BADAR
ajt                                                JUDGE




                            APPENDIX
PETITIONER'S/S EXHIBITS:

EXHIBIT P1              A TRUE COPY OF THE NOTICE NO. SL
                        800009687452/BR/20-21 ISSUED TO THE

PETITIONER U/S. 13(2) OF SURFAESI ACT DATED PETITIONER U/S 13(2) OF SURFAESI ACT DATED 5.2.2021 ALONG WITH TRANSLATION.